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Is there any way we can verify what actually happens with taxes. Obama has said he'll only raise those making more than $250k several times now. Some have told me it's too complicated to even verify if he did what he said he would do. Some even claim that having a democratic congress is not enough.

I personally don't think that there are enough people who make over $250k for such a policy to fly. In the end, everyone's taxes except those making less than $40k will probably raise in my offhanded judgment. I wonder if there is a way to verify this. I'm just surprised Obama would make these statements when he knows he can't possibly do this. Perhaps he knows there is no way to really verify what he did.

I personally don't think that there are enough people who make over $250k for such a policy to fly.

Which is why the figure is now down to 150K. But you're right, there aren't as many compared to the middle class. However, we know that higher taxes on the rich as well as businesses stifle the economy and job creation. Just look at what has happened to Venezuela recently. It is a textbook case of socialism, but we had these lessons already in the 20th century. Amazing how history repeats itself.

bcspace wrote:we know that higher taxes on the rich as well as businesses stifle the economy and job creation.

Well, isn't it relative? In other words, if tax rates were 2%, and were raised to 5%, would that stifle the economy and job creation? What about 20%? what about 50%. what about 75%?

(this is assuming you're in agreement that taxes are necessary in the first place)

Have you studied what happens at the margin?

But can we verify this or not? I'm really interested to see what actually happens.

I agree to an extent with the conservative ideas that taxing the rich will just make things cost more, but I don't think this even matters. This $250k thing seems like an outright lie. Is there some way that they're going to launder the taxes to the point where they're slamming the middle class and we don't even know what hit us? Even $150k wouldn't bother me or anyone I know. I have a hard time believing it will only hit people above $150K.

When you're talking about the upper 1%, these people seem to win every time no matter what. I don't believe anyone can really make them pay anyway.

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I have a hard time believing it will only hit people above $150K.

Ultimately, it will have to go lower. All the money is in the middle class (because of their numbers) and revenues jump exponentially the more you can dip that low.

bcspace wrote:

I have a hard time believing it will only hit people above $150K.

Ultimately, it will have to go lower. All the money is in the middle class (because of their numbers) and revenues jump exponentially the more you can dip that low.

I guess it's just accepted that these numbers are not firm and it's not really a lie to say $250k now.

One thing I know for sure, even poor trailer trash like myself will get nailed by the tax collector.

One thing I know for sure, even poor trailer trash like myself will get nailed by the tax collector.

The poor and the lower middle class don't pay any taxes (except FICA etc. which everyone pays) at all unless they're single.

But they do pay a huge hidden tax in that over-regulation, tariffs, other trade protectionism, subsidies, corporate taxes etc. drive up the price of goods and services. I've seen figures of as much as 10K a year for a family of four.